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Sarbanes-Oxley Act of 2002

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Essay title: Sarbanes-Oxley Act of 2002

Sarbanes-Oxley Act Of 2002

Ethical standards have changed tremendously in the last century. Ethical and moral values provide a foundation to society on how to function, live and work within the society. Determining the degree to which business has complied with established standards has presented a real problem. As seen through corporate corruptions such as Enron, without an ethical foundation, organizations collapse. The purpose of ethics in businesses is to direct individuals to abide by a code of conduct that help increase and maintain public confidence in their products and services.

Enron and WorldCom have made it clear that the financial markets cannot be left under the tutelage of corporate directors and officers, without oversight authority. The corporate abuses and fraud that Enron exemplified, while not a first in the financial markets, were certainly a first in terms of the magnitude of the losses to stockholders and the confidence the public reposed in the financial sector (Bequai, 2003). The Sarbanes Oxley Act of 2002 was instigated as a direct result of the Enron, WorldCom and other accounting scandals in the United States. It does not affect companies in the United Kingdom unless the companies are subsidiaries of US firms or are listed on US stock exchanges.

Recommendations for Intermec are to maintain a good ethical program within the organization. This can be done by recruiting and retaining top-quality people and fostering a more satisfying and productive work environment for employees. Intermec can also do this by building and sustaining the company's reputation within the communities in which it operates. This in turn will help the company develop a good morale among the employees. Another recommendation is for management to maintain the trust of employees to ensure continued self-regulation. Intermec needs to legitimize an open dialogue

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